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Posts Tagged ‘Bank of America

Retail Jobs Surge, but Little Action Elsewhere: This Week in Employment

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Is there any point in even mentioning the biggest job/economy-related story of the week? We all know by now that the recession ended in 2009, right? Officially, at any rate, if not by Warren Buffett’s more common-sensical standards. And we’re all equally aware that, whether we’re technically in a recession or not, things are still pretty bleak and likely to remain so for some time? Good. So let’s move on to the good stuff.

Frankly, economic distractions aside, it hasn’t been the best week if you’re looking for positive employment news. Sure, we found out that retailers are anticipating a slightly better festive season than last year, prompting a prediction of up to 650,000 temporary jobs during the period this year. And, sure, Macy’s alone is creating as many as 65,000 temporary positions. All of that is decent news, but temporary hiring is, well, temporary—and the example of the Census earlier this year suggests that, in this economy, once temporary jobs have gone, the unemployment rate is likely to go straight back up to where it was prior to the positions.

There was some positive news for the tech sector, where it emerged that spending is estimated to top $3.5 trillion in 2011—and all of that spending does tend to suggest that hiring will follow. But that was tempered by news of cuts in other sectors, as noted on Vault’s Employment Tracker. While the news that Abbott Laboratories is laying off 3,000 workers was the worst cut of the week in terms of pure numbers, it wasn’t the worst signal out there. That honor went to the news that Bank of America is cutting 400 jobs in its global banking and markets division. The reason for that—a slowdown in revenue from trading and advising clients—may well have industry-wide reverberations. And as we’ve learned to our cost over the last couple of years, when the financial industry isn’t making money, the rest of us may well have good reason to be nervous.

Undercover Boss Hits Wall Street: Bank of America Edition

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It’s official: That piece of celluloid that CBS calls Undercover Boss wants to bring it to Wall Street.

Of course, we at In The Blackwere privy to this news months ago and, in case you missed them, here are two treatments for Wall Street episodes of UB that we came across a while back (episode #1: Goldman Sachs CEO Lloyd Blankfein and episode #2: JPMorgan Chase CEO Jamie Dimon). And below, to whet your chief-executive-stooping-to-blue-collar-level-and-jerking-tears-to-the-sounds-of-electronic-violins appetite yet again, here is a third treatment of a soon-to-be-produced spin-off series starring the chief executives of the most prominent financial institutions in the country:

Brian Moynihan

Episode #3: Brian Moynihan, CEO Bank of America

We open with Moynihan giving a moving 45-second motivational speech on the first tee of Pebble Beach which B-Money and a few other top brass at BofA Merrill have been allowed to play a week before the U.S. Open. B-Money will explain how difficult it’s been to follow in K-Dawg’s (Kenny Lewis’s) wing tips—flash to clip of beleaguered Lewis eating with his family at Charlotte area Hooters restaurant—and how he has not slept more than eight hours a night since taking over the chief post and receiving a $4 million per year pay raise. After B-Money tops the ball and begins his backswing on his second drive, we’ll cut to his first undercover assignment: as an M&A managing director working out of Merrill’s Los Angeles office (not too far from Pebble Beach, which should provide cost efficiencies and thus be appreciated by network in light of overshooting budget in Hooters episode).

We first see B-Money driving in midnight blue Range Rover dressed in Armani from neck to toe. After handing over keys of Rover to valet, B (in a close-up) greases maître d’ of West Hollywood Italian joint (littered with B-level actors). B-Money greets client: elderly owner of leading aboveground swimming pool business. They’re shown to back-room booth. In between pasta and fish, B deflects accusations that K-Dawg did anything crooked during his rein (insert another clip of Lewis, this time walking streets of Charlotte at night, alone; music choice TBD, but thinking Seger or Eddie Money). After three Fuzzy Navels, B pitches various takeover targets to client, both financial and strategic. Some ideas sound ludicrous (“Google’s looking to diversify”) and others, if undertaken would result in several of the owner’s relatives losing their jobs. The executive balks at all of B’s suggestions aside from “a great gig up in the Hills at Billy Joel’s place” and on the deck of Joel’s pad (sparsely-populated with C-level actors) B-Money admits to camera he never knew how hard it could be to put a deal together, or how smoggy it really was in LaLa land.

B’s second assignment is as a BofA HR rep in Hong Kong, specializing in benefits administration. B will dramatically lose his job in 39 minutes when it’s discovered he doesn’t speak Mandarin, has no idea what the difference is between an HMO and PPO, and does not have a valid passport. Sipping a Tsingtao in first class 35,000 feet over the Pacific, B vows to eat more Chinese food and “really read the back of those fortunes in those sugar cookies.”

B-Money’s final undercover assignment is as BofA CEO, Brian Moynihan. Since few people had heard of him before he landed his current job and no one knows what he looks like, it won’t be difficult for B to go undercover as himself. We show B, clad in Callaway from hat to spikes, coming full circle: back at Pebble Beach, entertaining institutional investors. In a panoramic shot, B-Money gracefully hits a 9-iron off the par three seventh and lands on the green two feet from the hole (make sure we budget all day to get this; B has a well-known hook) and while ball rolls even closer B-Money turns to the camera for the money shot/closer: “If I’ve learned anything during the past week, and I’m not saying I have, it’s that the key to this gig is follow-through.”

Fade to black.

–Posted by Derek Loosvelt, In The Black

Top 10 Banking Employers in the World’s Top Growth Market

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Asia Pacific Banking Guide

Click the image to view this guide in the Vault store

“The key thing about Asia is it’s the one market where you’re going to see growth”–Andrew Sullivan, a sales trader at Mainfirst Securities Hong Kong Ltd, quoted in Businessweek last month.

While the quote above could have described the Asia-Pacific banking world at any point since the collapse of the sub-prime mortgage industry, it’s especially true today. While banks and financial houses of all stripes are still struggling with the post-meltdown landscape in the US and Europe—and likely to face a raft of new legislation in both spheres in the coming weeks and months—the industry in the Asia- Pacific region is booming. For evidence, witness behemoth Bank of America’s recent hiring push in the region, together with the fact that Goldman Sachs recently experienced what it feels like to be on the losing end of a transaction—the luring of a key Asia-Pacific executive to BTIG being the occasion that prompted the quote at the top of this piece.

Not that it’s worth fretting over Goldman’s future in the region: just like everywhere else in the world, the company is sitting pretty atop Vault’s 2010 ranking of Asia Pacific banking employers. And, while it may have lost a key exec to a smaller rival, the very fact that that exec was willing to jump for the opportunity to build BTIG into a bigger player in the region suggests that there are some very bright days ahead for banking in the region.

As Vault’s top 10 list of banking employers within the region shows, it’s an area still dominated by major players from the US—five of the top 10 are US firms:

1. The Goldman Sachs Group, Inc.
2. J. P. Morgan Investment Bank
3. Morgan Stanley
4. Deutsche Bank AG
5. The Blackstone Group
6. HSBC Holdings Plc
7. Credit Suisse Group AG
8. UBS Investment Bank
9. Citi Institutional Clients Group
10. Barclays Capital

However, “local” players such as Nomura and MacQuarie make appearances just outside the top 10, and suggest that there is much more to come from this region in the coming years.

Get the full scoop on the top banking employers in the Asia-Pacific region–plus our full top 25– in the Vault Guide to the Top Banking Employers, Asia Pacific Edition.

Written by Phil Stott

April 5, 2010 at 11:04 am

Banks are Hiring: Wall St. Recruiting Event for Minority MBAs

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If you are graduating with an MBA in a couple of months, and don’t have a job offer yet, worries about the economy and bank hiring are clearly top of your mind. While the unemployment rate stayed steady through February, there hasn’t been a lot of evidence suggesting that Wall Street is going gung-ho with their recruitment initiatives.

Minority MBA student

And if you are a minority MBA candidate, these worries might be further escalated. The Robert Toigo Foundation, however, wants you to believe otherwise. The Foundation works with minority MBA students and Wall Street to not only increase interest for careers in finance, but also close the gap between qualified minority MBAs, getting hired, and increasing workplace diversity at firms. And to stress that banks are indeed hiring once again, they are collaborating with the bulge bracket firms to host an event aptly called, “Banking is Back,” where the aim is to connect students with Wall Street.

The details of the event are below and will be at the event to bring you coverage of the event so you can remotely tune in and stay abreast of what the firms really have to say:

When: March 12, 2010, 7:30am-2:30pm

Where: 601 Lexington (between E. 52nd and E. 53rd), New York, NY

Registration: Free, open to all minority MBA applicants; students encouraged to submit resume and video application to be forwarded to attending recruiters

Attending Firms: Bank of America, Citi, Credit Suisse, Goldman Sachs, J.P. Morgan and UBS

Besides the opportunity to network, the event has also planned “Day in the Life” simulations for those still undecided on what field to pursue within financial services. You can also check out more Day in the Life(s) exclusively on Vault, for a peek into the many fields of the finance industry.

For those of who can make it, remember, attendance is free. Just upload your resume and you’re set! And for those who cannot make it, stay tuned to In Good Company for exclusive interviews from attending recruiters and students, and an overview of whether Banking is back! Or if you are Twitter-inclined, follow us @VaultCSR!

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